Bitcoin runes burst into the scene in the last few months and has continued to remain dominant on the Bitcoin network.
Bitcoin runes’ share of transactions remains high, but its share of fees has dropped over the last few months.
Analysis showed that runes have significantly contributed to the number of transactions on the network over the past few months. Additionally, it has had a notable impact on transaction fees.For context, the BTC transactions on that same day was around 171,000. Since then, only BTC itself has seen more transactions.
Further analysis showed that the spike meant that runes were responsible for 81.3% of the transactions on the network at its peak.As of this writing, the number of runes transactions was 336,305, accounting for 44.3% of the total transactions. In contrast, the BTC transaction number was 359,563, making up 47.3% of the network’s transactions. This demonstrates the dominance of runes and its significant impact on transaction fees.However, this impact has waned over the last few months. The chart indicated that back in April, runes accounted for around 60% to 70% of transaction fees on the network. By the end of April, this percentage had declined to around 14%.
This indicates that although runes continue to see a decent volume of transactions, its impact on transaction fees has waned.However, there was a significant spike on 7th June, with fees rising to over $22 million before declining the next day. As of this writing, the fees are around $5 million.Adewale is a full-time journalist at AMBCrypto. While he is increasingly fascinating by the world of blockchain and cryptocurrencies, Adewale holds a degree in International Relations.
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